Markets For 14/10/2009

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The market did open flat to positive led by global cues and It was a fantastic closing for the market which closed above its major hurdle level of 5040 after a long time.Market just closed above its triangle resistance zone as shown in the chart which is placed near 5020,and above its immediate resistance of 5015 which is 3 DEMA.Nifty has its immediate hurdles now at 5075 and I mentioned clearly that there is no problem as long as we are holding above 4920 and same thing happened today with the help of Positive global cues and good IIP data.Going forward market may be in the bulls grip as now and will try to cross above its major hurdle zone of 5115 in the higher side.Immediate supports are placed now at 5008 and then 4940,as long as it not close and hold below it,longs are safe in every dip.

NIFTY (5054.25)

Resistance : 5095 / 5120 / 5150 / 5185

Support : 5020 / 4975 / 4935 / 4900

SENSEX (17026.67)

Resistance : 17170 / 17240 / 17325

Support : 16925 / 16785 / 16545 / 16485

NIFTY FUTURE (5059.5)

Resistance : 5005 / 5150 / 5175

Support : 5020 / 4970 / 4885

BANK NIFTY (8979.95)

Resistance : 9085 / 9130 / 9190 / 9250

Support : 8955 / 8890 / 8790 / 8600

MKT COMMENTS

NIFTY FUT OI flat with 17% increasing volumes indicating not only short covering plus forming of long positions too.

We expect NIFTY FUT to show up move with volatility.

On Wednesday,Opening Is Flat To Positive,

Buy NIFTY Above 5040,Sl Below 5020,Tgt 5075/5090/5115/5145/5175+

Sell NIFTY Below 5015,Sl Above 5035,Tgt 4980/4965/4940/4910/4880+

Buy BANKNIFTY@ 8950/75,Sl 8900,Tgt 9000/9025/9050/9075/9100/9150/9200+

BUY

BOMBAYDYIENG Abv 415,Sl 405,Tgt 425/30/35+

SBBJ Abv 515,Sl 505,Tgt 525/30/35+

BOB Abv 500,Sl 495,Tgt 505/10+

GODREJIND Abv 215,Sl 210,Tgt 220/25

RELCAP@ 950,Sl 930,Tgt 985/1010/1030+ (Positional Buy, Sl 910,Tgt 1010/1025/1050/1075/1100/1150+)

SBIN (2173), Sl Below 2145,Tgt 2200/2210/2220/2230+

FUTURES

ITC(258.1) : Buy Around 257/59,Sl 254,Tgt 261/63/65 (Close Above 265,Hold Longs As BTST)

RELCAP (950.6) : Buy Around 940/45,Sl 925,Tgt 955/65/75 (Close Abv 975,Hold Longs As BTST)

RIL (2167) : Buy Around 2155,Sl 2135,Tgt 2185/2205

(Buy RIL 2200Ca, When RIL Is Arnd 2150/70,Sl 2135 & Hold Long As BTST,If RIL Closes Abv 2205)